Related Practices

Overview

Dykema’s Financial Services Regulatory and Compliance practice is nationally recognized for the quality of its strategic legal counsel to clients across the full spectrum of retail banking and consumer financial services. Among the Firm’s ranks are some of the most highly experienced financial services lawyers in the nation, and who are “absolutely preeminent for regulatory work” (Chambers USA, 2012).

We also have extensive experience in electronic delivery of financial products and services, a significant space in which we represent some of the nation’s leading banks, nondepositories, service providers and vendors. We likewise manage multistate compliance and licensing matters for installment lenders, mortgage lenders and servicers, debt collectors, settlement services providers, insurance agencies and money services businesses.

Regulatory and Due Diligence

Dykema’s Financial Services Regulatory and Compliance attorneys act as regulatory and due diligence counsel, representing buyers, sellers and finance parties in commercial and corporate transactions involving the sale and purchase of financial services companies and assets. In this capacity, we are involved in formulating strategic alternatives in transaction structures to reduce impacts of licensing, registration and compliance requirements and to mitigate compliance, litigation and government oversight risks. Notably, we often are called upon to shepherd nonfinancial services companies that are expanding business lines into consumer and retail financial services via strategic investments or acquisitions.

Investigations and Enforcement

We regularly represent financial institutions and other respondents in investigations, examinations and enforcement actions brought by state and federal regulators. Our recent experience includes appearing before or responding to such matters initiated by state banking regulators, the FDIC, the OCC, HUD and the FTC. We also work closely with Dykema’s nationally-known Consumer Financial Services litigation practice, offering strategic and substantive advice on pending or threatened cases and proceedings. National banks and others affected by the interaction of state and federal laws call on us for advice and guidance on matters of federal preemption, state law compliance and coordinated investigations conducted by federal and state authorities.

Laws and Regulations

Our team of seasoned compliance attorneys regularly counsels and advises clients on the interaction between and compliance with various federal laws and regulations. Our practice is not limited to traditional consumer credit laws, and we regularly advice industry participants on matters of privacy and information security, anti-money laundering and related reporting requirements, electronic delivery of financial products and services and unfair and deceptive trade practice laws (including enforcement priorities of federal and state regulators under these laws). Our practice also includes risk assessment and compliance advice arising from various federal laws and regulations, such as the following:

The attorneys in Dykema’s Financial Services Regulatory and Compliance practice provide industry-leading, innovative counsel to a broad range of both large and small businesses in retail banking, consumer financial services and related industries. We are active members of and leaders within industry trade organizations and peer-recognition groups such as the American Bankers Association, the American Financial Services Association, the Mortgage Bankers Association, the Conference on Consumer Finance Law and the American College of Consumer Financial Services Lawyers.

Experience Matters

Examples of our recent experience include:

Assessment of legal, regulatory and operational impacts of Title X of the Dodd-Frank Act, including compliance with emerging guidelines and regulations promulgated by the Consumer Financial Protection Bureau, for private clients and trade associations.

Ongoing legal, regulatory and compliance consulting to several of the nation’s largest mortgage servicers, including multistate compliance and licensing matters for newly-formed mortgage servicing affiliates.

Providing regulatory, commercial and compliance counsel to leading technology vendors and BPO firms in mortgage lending and servicing, payment systems and point-of-sale financing.

Advising credit card issuers and others with respect to marketing, sales and credit practices, such as prescreen firm offer requirements and new advertising campaigns.

Compliance audits and reviews for banks and nonbank creditors and service providers, such as reviews of outsourced default and foreclosure functions for major national mortgage servicers.

Retail product design and review and drafting of consumer credit documentation in multistate implementation of credit and depository programs for bank and nonbank credit providers and vendors.

Review and preparation of internal policies, procedures and training materials for significant national financial services providers, in connection with responses to administrative findings, periodic reporting requirements and due diligence in corporate transactions.